SOFIA (Bulgaria), October 26 (SeeNews) – LatticeFlow, a Switzerland-based AI technology start-up co-founded by two Bulgarian scientists, said on Wednesday that it plans to open an office in Bulgaria after successfully concluding a 24 million levs ( $12.3 million/12.3 million euro) Series A fundraising round.
The fundraiser attracted as investors Irish growth equity fund Atlantic Bridge, early-stage venture capital firm OpenOcean and US peer FPV Ventures, LatticeFlow said in a press release.
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LatticeFlow’s Sofia office will be established next to the local Institute for Computer Science, Artificial Intelligence and Technology (INSAIT), a center for computer science and AI research which was set up in April with investments from technology giants such as Google, DeepMind and Amazon Web Services (AWS).
Founded in 2020 as a spin-off from ETH Zurich university, Zurich-headquartered LatticeFlow develops technology to improve computer vision by eliminating blind spots in AI data and models.
“The main problem is that modern AI models are based on hundreds of millions of parameters, making their inspection virtually impossible. This is increasingly blocking the entry of modern AI technologies into a number of strategic industries – manufacturing, transport, medicine, security,” LatticeFlow explained.
The new capital injection comes a year after the start-up wrapped up a 2.8 million dollars (2.8 million euro) seed funding round led by btov Partners and Global Founders Capital prior to stepping onto the US market.
Following the initial funding, LatticeFlow developed technology currently used by the US Army, Germany’s Federal Cyber Security Bureau, a number of Fortune 500 companies from the US and Europe such as Siemens as well as workplace safety AI companies Intenseye from Turkey and Voxel AI from the BASE.
“The growth potential of LatticeFlow is virtually endless. We have created a product that is indispensable for every industry developing and using artificial intelligence, with which we open the way for the mass penetration of AI,” co-founder and CEO Petar Tsankov said. He added that the goal is to establish LatticeFlow as a global industry leader and a multibillion-dollar company.
(1 euro = 1.95583 levs)